| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 6 December 2018 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 20.2356 hectares of land at 59 Greenhill Road, Parkwood, Hamilton. |
| Consideration | $15,200,000 |
| Applicant | CDL Land New Zealand Limited Singapore (53.2986%) New Zealand (39.9666%) United States of America (3.2913%) United Kingdom (0.6908%) Various (3.7527%) |
| Vendor | PCL Limited New Zealand (100.0%) |
| Background | The Applicant is a New Zealand incorporated company which has been acquiring and developing undeveloped land in New Zealand for more than two decades. The Applicant plans to develop the Investment into a subdivision of approximately 303 residential sections of various sizes and then sell the sections on the open market. The land will be developed in conjunction with adjoining land already owned by the Applicant as part of a much larger subdivision. The benefits that are likely to result from the Investment include additional job opportunities due to the development of the land, introducing additional investment into New Zealand for the development of the land, creation of new sections available for additional residential housing, oversight of and participation in the Investment by New Zealanders and added efficiency due to the Applicant’s development of the Land in conjunction with adjoining land it already owns. |
| More information | Andrew Petersen Bell Gully PO Box 4199 AUCKLAND 1140 |